Digital Landing Bank, Kakao Bank Recorded 21 High In Q3

Kakao Bank
Kakao Bank

Kakao Bank is a South Korean bank that is involved in digital lending. This bank provides a wide range of online services like deposits, withdrawals of money, credit cards, stock accounts, linked loans, and many more.

This bank recently, on Tuesday, reported a 21% jump in net profit on interest income compared to the previous year’s gain with the help of high-interest income.

According to reports, the third quarter net profit is 94.5 billion won ($72.7 million) compared to earlier years, said Kakao Bank in a regulatory filing. Revenue generated increased by 52.4% on the year to 656.6 billion won. Kakao Bank recorded that its operating income grew 21.9% in the year to 127.5 billion won.

The bank informed him that his first nine-month profit reached 279.2 billion won, which is 37.8 percent higher than the same period last year.

Kakao Bank

The parent company of Kakao Bank also showed a rise, having 95.42 billion won, making a 21% increase every year. Parent company sales also increased by 59%, reaching 656.60 billion won.

Kakao Bank is a South Korean online bank established on January 22, 2016, by Korea Investment Holdings and Kakao Corp. Its headquarters are in Pangyo, Gyeonggi Do, South Korea. In 2017, these bank services went public. According to March 31, 2021 data, 14.2 million customers are attached to this bank.

This bank provides all the services via mobile apps. The bank benefits from growing internet and mobile banking users in South Korea, especially during COVID-19 in 2020.

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